Dollar/yen fell to as low as 142.80 yen, but was bought back to the 144 yen area as US PMI came in above expectations.

【5/22Market Overview

During Tokyo time, the U.S. Treasury issued a statement after the U.S.-Japan finance ministers' meeting saying, “as in the previous meeting, there was no discussion on exchange rate levels.” With no indication of discussions on yen weakness correction, the dollar/yen rose to as high as144.41yen, but later, perhaps due to persistent caution about yen weakness correction,143.10yen fell. In European time, following the weaker-than-expected flash PMI for the euro area services sector (PMI), the euro/yen declined, and the dollar/yen was dragged down to142.80yen.NYtime,5month U.S.PMIflash data exceeded expectations, with U.S. stocks rising, leading to a rebound in the dollar/yen,144.33yen was bought back.

【5/23Market Outlook